Following our post last week, we note that the following measures that were announced in the budget have been legislated:
Changes to Instant Asset Write-Off Provisions
The announced changes to the instant asset write-off were legislated with the Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill receiving Royal Assent on 6 April. As announced these amendments:
- Extend by 12 months to 30 June 2020 the period during which small and medium business entities can access the expanded accelerated depreciation rules (instant asset write-off) provisions;
- Increase the threshold from $20,000 to $25,000 from 29 January 2019 and from $25,000 to $30,000 from 2 April 2019;
- Enable businesses with aggregated turnover of between $10 million and $50 million to access the instant asset write-off from 2 April 2019.
One-Off energy assistance payment
Introduces a one-off ‘energy assistance payment’ to recipients of the age pension, disability support pension, carer payments and other recipients of allowances and Commonwealth payments.
Increase in Medicare levy low-income thresholds
Increases the Medicare levy low-income thresholds for individuals and families (including those eligible for the seniors and pensioners tax offset) in line with movements in the CPI; and
Not legislated were the announced increase in the low and middle income tax offset (although this is supported by the current opposition), the personal income tax cuts (to commence from 1 July 2024) and the changes to the work test for voluntary superannuation contributions.
Click here to see our summary of the budget announcements, or contact us to discuss how the most recent budget will impact your business.